12th Sep 2014 06:39
LONDON (Alliance News) - Great Portland Estates PLC Friday said it has exchanged contracts on the sale of 125 apartments at the Rathbone Square development in London for GBP207.2 million in total.
The sale price for the apartments reflects an average capital value of GBP1,856 per square foot, with the price range from GBP1,548 per square foot and GBP2,624 per square foot, the FTSE 250-listed real estate company said.
The 125 apartments sold so far represent 78% of the total private residential property on the site by area and 73% by value.
Great Portland said a further four units at the site are currently under offer at a total value of GBP9.4 million. This leaves 13 apartments unsold in the building, of which nine are penthouse units, with a total quoting price on the remaining apartments of GBP68.2 million.
"Forward selling and securing commitments on the majority of the apartments early in the construction phase has allowed us to begin the process of de-risking the delivery of this development," said Great Portland Chief Executive Toby Courtauld.
"We expect to continue to sell more of the remaining units as we move towards completion in early 2017," Courtauld added.
By Sam Unsted; [email protected]; @SamUAtAlliance
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